Venezuela's Socialist party-controlled National Assembly on Thursday ratified an "anti-blockade" law, as President Nicolas Maduro seeks to attract private investment to boost the OPEC nation's struggling economy despite U.S. sanctions. The law, which applies to the country's key oil sector, allows companies to sign deals confidentially to avoid being sanctioned themselves. "This constitutional law aims to establish... Continue Reading →
Petrobras on record sales of S-10 Diesel
Petróleo Brasileiro S.A. – Petrobras informs that in April it registered total diesel sales of around 824,000 bpd, representing 59% growth in comparison with sales in April 2020. In the comparison with April 2019, without the impacts on demand resulting from the pandemic, there was a growth of 12%. Also in April 2021, Petrobras exceeded... Continue Reading →
Sonadrill Nets 12-well Drillship Contract in Angola
Angolan offshore drilling firm Sonadrill, the 50:50 joint venture between Seadrill and an affiliate of Sonangol, has secured a twelve-well contract in Angola for the Sonangol Quenguela drillship. The contract includes one option for nine wells and eleven one well options, Seadrill said Friday. Total contract value for the firm portion of the contract for... Continue Reading →
Petrobras Financial Performance in 1Q21
Petrobras posted solid financial and operating results in 1Q21. Regarding 1Q21 results, Petrobras’ CEO Joaquim Silva e Luna made the following comments: “The figures show the capacity of our team to deliver sustainable results to our investors and to society, even in a challenging environment. Petrobras will continue down the path of value generation, with... Continue Reading →
New 2021 and 2022 Oil Price Forecasts from EIA
The U.S. Energy Information Administration (EIA) has kept its Brent spot price averages for 2021 and 2022 flat in its latest short term energy outlook (STEO). The EIA forecasts that Brent will average $62.26 per barrel this year and $60.74 per barrel next year in in its May STEO. In April, the organization forecasted that... Continue Reading →
Renewables evolution or revolution? Pace of tech investments will decide
(Reuters) Global investment in energy transition technologies needs to more than double over the next few decades to significantly reduce the cost of renewables, which are set to provide around 60% of the world’s energy needs by 2030, industry officials say. A breakthrough in commercial technology to decarbonise projects could reduce both project time and... Continue Reading →
Vertical Offshore Wind Turbines More Efficient than Conventional Ones, Study Shows
According to new research from Oxford Brookes University, vertical offshore wind turbines are much more efficient in large-scale wind farms than conventional turbines, and when used in pairs, vertical turbines can boost each other's output by up to 15%. A research team from the School of Engineering, Computing and Mathematics (ECM) at Oxford Brookes led... Continue Reading →
PETROBRAS TO INCREASE OIL EXPORTS BY 140% THROUGH PORT OF AÇU
(PetroNoticias) Açu Petróleo signed a new contract with Petrobras to more than double the volume of oil exported by the oil company at the company's private terminal in Porto do Açu. With the new agreement, the state-owned company will be able to dispose of 240 million barrels of oil, equivalent to 300 thousand barrels per... Continue Reading →
Westwood: Q2 2021 subsea tree demand forecast at 82 units
Subsea tree order intake for the second quarter of 2021 is estimated at 82 units, representing 32 per cent of the anticipated 260 units to be awarded in 2021, according to market research provider Westwood. Key projects to watch in 2Q 2021 include Equinor’s Bacalhau and Total’s Lapa South West in Brazil, as well as Shell’s Whale in... Continue Reading →
Eni to splash €5.7 bln by 2024 in carbon-neutrality push
Italian oil and gas company Eni has released its Eni for 2020 sustainability report, outlining the company’s path to face the global challenges. The company noted its total amount for investments in decarbonization, circular economy and renewables and expenditure on research and development is equal to €5.7 billion in its 2021-24 plan. Eni reminded that The 2030 Agenda... Continue Reading →